Global| Nov 20 2009Italian and French Industrial Orders Are Up In September
Summary
Orders in Italy and in France were up strongly in September but on different causes. Both posted an orders rise in excess of five percent on the month. But Italy’s orders were boosted by a 7% gain in foreign orders; in France foreign [...]
Orders in Italy and in France were up strongly in September
but on different causes. Both posted an orders rise in excess of five
percent on the month. But Italy’s orders were boosted by a 7% gain in
foreign orders; in France foreign orders rose by just 0.3%. Over three
months Italian foreign orders are up at a 25% annual rate while
domestic orders have sunk, dropping at an 18% annual rate. French
foreign orders are very weak over the past two months but an order
spurt in July keeps its three-month growth rate for foreign orders
ahead of its domestic order growth for now. Yr/Yr Italian domestic and
foreign orders are at similar rates of growth with both declining by
about 21%. Over the past year France’s foreign orders are weaker than
total orders as domestic orders have buoyed the economy.
As a result overall French orders are up at an increasing strong pace.
Italian orders are making a slower and less decisive turn higher.
On balance e-Zone countries are showing a turn for the better. Italy is
lagging. But the Zone seems to be making a sustained move to better
growth. France is one of the strongest EMU members and it has a large
rise in its fiscal deficit to show for it.
| Italy Orders | ||||||
|---|---|---|---|---|---|---|
| Saar exept m/m | Sep-09 | Aug-09 | Jul-09 | 3-mo | 6-mo | 12-mo |
| Total | 5.2% | -8.6% | 2.4% | -5.8% | -3.8% | -21.4% |
| Foreign | 7.0% | -12.8% | 13.3% | 25.2% | 9.1% | -21.6% |
| Domestic | 4.2% | -6.2% | -2.8% | -18.5% | -10.1% | -21.3% |
| Memo | ||||||
| Sales | 2.3% | -1.3% | 0.9% | 7.6% | -1.1% | -17.9% |
| French Orders | ||||||
| Saar exept m/mSep- | Sep-09 | Aug-09 | Jul-09 | 3-mo | 6-mo | 12-mo |
| Total | 5.7% | 2.9% | 4.7% | 67.4% | 33.8% | -5.6% |
| Foreign | 0.3% | 0.1% | 14.5% | 74.8% | 40.8% | -14.7% |
| IP xConstruct | -1.6% | 3.0% | 0.7% | 8.6% | 9.2% | -11.0% |
Robert Brusca
AuthorMore in Author Profile »Robert A. Brusca is Chief Economist of Fact and Opinion Economics, a consulting firm he founded in Manhattan. He has been an economist on Wall Street for over 25 years. He has visited central banking and large institutional clients in over 30 countries in his career as an economist. Mr. Brusca was a Divisional Research Chief at the Federal Reserve Bank of NY (Chief of the International Financial markets Division), a Fed Watcher at Irving Trust and Chief Economist at Nikko Securities International. He is widely quoted and appears in various media. Mr. Brusca holds an MA and Ph.D. in economics from Michigan State University and a BA in Economics from the University of Michigan. His research pursues his strong interests in non aligned policy economics as well as international economics. FAO Economics’ research targets investors to assist them in making better investment decisions in stocks, bonds and in a variety of international assets. The company does not manage money and has no conflicts in giving economic advice.
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